New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-12-06
CLOSING PRICES OF PHILADELPHIA sroo1s
oIosJyG PRICES OF CALIFORNIA STOCKS.
..v Dec ,. 1887.
MONDAY Dec. 5---P. VI

MONDAY Dec. 5--P. VI.
Twcntyelght railroads now nave repot'ou ,D.n
gross earnings for the fourth week IN No'on'"o'' w
coupanies out of tho total number show losses "o'"
the Large earnings Of year ago The aggregate o"'n
ings OF the twenty-cight companies lor tue ioh'"
week Of November this year wero p3ooo,33o' against
~, O2s 5s2 In the same week of looC-a gam Oh ''-'
74e or II IL per cent
probahlv I'm the history Of stock speculations there
never before was exhibition OF mendac'S WIN ~
tent to influence values equal 10 inc reeo"' '"o' -
that direction For two week, tho pubic nave De'"
,n,ormcd nv a strpling then unborn that the eASuus
condltion, in commercial mercantile and specuIa''o
circles were u parallel of those preceding io"'' 10
terday "The New-York Tlmes,' which sccHi' " W
even more ambitious to draw brsf prize III INC u"o
class on finances than to lead hngwumpS III pun
flies boldly stated tho following: But the really III"
rortant Dolnt and ono upon which the stock mar"t
is supuoCcd to turn IS the legislation likely 10 Do ia"
ON the tariff which may be said to Include 'ho "Sp'
sltion Of tho present Treasury surplus oo"' "'''
600 600 of this surplus IS on deposit WIN INC pa'n
and OF course loaned ont by them Should my co'N'"
orable proporton Of this be called in for Distribution
mild re prndution of tho effects whlch ioii""'" ~
f,,oops d,strutIon OF the surplus In 1897 might %
Iooh,d forp Il will 10 almost an Insult 70 'he
readers OF THE TRIBUNE ID direct a''ch,ion ~
the facts that IN 1897 there were no Natoha' i'oS
urers that all tho money the Government nd" "~ w
aonost, st few central points that now th' Govern
man, dc,osts of ei7 900 600 In banks are distributed
nil over the country: that in tho unlikely event ol
distribution ~ the surplus 10 The states "he'''r
came from Treasury vaults or ltca'u'J "'P''"' "
banks II would go TO banks to tho crcolt OF INV "
(the states have subTrcsSuricj ana tha' !" o","
nj such n distribution tho money so dlstrpu'eu Pr""
hv would he taken from Treasury vanis ana hor
from the deposits IN banks, which are 'ecuIcu ny "0
po,lis Of United states bonds
rbe cas, Of assumed danger referred to, however,
d,os nt mark tho desperation If certain oiass Vi
stock spectators fully as does the conN'"' ''f'
t,,u Of tic false statement that while me gross
.roinos ~ the railroads are Ia 20, the incroas' VI
orrr,t,nr expenses has outgrown the gain In gross
earningsp We arc told I'm ono breath mat 'h' ran
roads arc scratching the whoc country WIN INC ""
combs TO gather business, and In the ncxt 'ha '"o
larger earnings from the Increased Dirk AZ 10"
rates Tho reports u Tho chicago, burlington am
o,,,cv Oar August and september. which for special
reasons largely increased It's operating expenses III
those months, gave tho first idea OF ms nc" Pr"
mitigation. Pcnns ylvana followed with loSN III hr
.,,rIngs fur October. Now Central and HnlsonS
statement for the quarter ended september =" '''o
later with decline Of s315.0OO from tho qn"'''r vi
,asc And ON these exceptional statements has been
built ND the whole fabric OF declines IN he' ea'"s
for all roads As to the New-lork Cen'rai anu h"i-
SON every one should know that It charger 10 "lrr'
,,g ., n.n,ss I'm the quarter ended March 81, 1857
one half Of tho Of about 81 5ooo" ne" e'l"'P
ncnt and that the other half vas chargrh III tho a'
quarter There are people who realize that IN 'h'
las, year ended September 80. 1857, the Nr"-'''"
| Central and Hudson net earnings from traio "c'o
within 800 coo Or tho largest amount IN inc hN"'
| % tho company they were Tl29O-f'-' as"h'' e'"'
! 3l6355 I'm tho year ended september 30, l77o' Ia
so tho accounts we're kept differently from th' way
in which they now are then the cost of the ne" equip
ucnt aul even OF renew ais was charged {" '"n'ru'
ton So that in that year the construction Sieou" "
Increased s4.9OO,oOO aud the funded debt was IN
creased p: 900 600 that character OF book
| hc . :
| has raised tho first charges Of the company rom
- 700 In 1850 to sT1dooOO IN l-c', the lease Vi
the West Shore being responsible for only s'ooo ODD q"
the increase Tho Old methods have passed away NOT
only wiki the Central and Hudson Company but also
! with all the old established companies
Uut tI return 20 the charge. that recently IN" IN
crcases in operating expenses havo exceeded Tie gems
ia gross earnings. In reading the folio" ing statement
I. should he IN mind that WAS not I'll fhe last
| art ~ i--G that the net earuinss II ~" railroads
showed any matcus gains on those Of i--5, and there
for, that IL was unreasonable expect that The gains
IA h. Last month OF October should roach th' average
tho gains for me ten months to oct"D' 81 WIN tn
/ explanation tho following facts are submitted
Allegheny Valley Railroad gained In MT earnings Tor
the ten mouths ended october 81 l63 per cent ih'
/ gain In D'tobcr was u PER cent
| Baltimore and Potomac gained n ten months ~"
per cent I'm October. 90 per cent
Buffalo Ncv York and Philadelphia gained 10 ten
month, - Icr ccni. in October r." pen ''n'
Canadian Pacific gained IN ten months Il per ochi :
| IN October. IL . Pc cent
Cleveland Columbus, Cincinnati AMI Indianapolis
gained 100 ten months ID lcr cent go oci"''r 10
per cent
r.,,or and Llo Granl, Nr,'erl gr'n'd ~ ten
,.,.t. d. p ,.., ,,i.. In ,,c..rer ~ l,.. cent.
,.,,, I,,.l. and Indiana gained iu tom molth,
o. t.. c,,t lu q, toicr 10 rcr cent
Kentucky Central giuel n ten ror'hs 33.3 per
cent IA october. l49 per cent.
t,,., iu. and \,.hytll, GAINED IN ten months - .
| per cent B" '''""''' & - '' L. 49,.
N''"''"-' 3D. - &C.. ..,,,
months ll' per ''N' J." '' ..., 49,. .. .